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Saturday, December 9, 2023

Dubai, Abu Dhabi stocks end higher as Fed rates cheer


June 16 (Reuters) – United Arab Emirates shares ended higher on Friday on expectations that the Federal Reserve is nearing the end of its rate hike cycle.

the fed keep rates unchanged But borrowing costs may still need to rise by as much as half a percentage point by the end of the year, hinted in new forecasts on Wednesday, as the U.S. central bank responds to a stronger-than-expected economy and slumping inflation.

Most Gulf currencies are pegged to the dollar, and any monetary policy changes in the U.S. are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.

Dubai main stock index (.DFMGI) Up 1.5%, boosted by a 4.6% rise in Emaar Properties (EMAR. YOU) The blue-chip developer previously unveiled The Oasis, a $20 billion lifestyle destination with 7,000 residential units, at the Burj Khalifa event.

Among other winners, toll operator Salik (Salik. You) rose 3.9%.

The Dubai index rose 2.5% for the third straight week.

In Abu Dhabi, the index (.FTFADGI) Multiply Group closed up 0.7 percent (Multiply Ads) rose 0.6%.

The index posted its first weekly gain of 0.8% in seven weeks.

Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said Abu Dhabi Stock Exchange had recovered from this month’s lows but still faced some uncertainty.

“Markets are likely to continue to react to developments in the oil market, not least because expectations remain somewhat volatile.”

Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber

Our standards: Thomson Reuters Trust Principles.


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